One obstacle to weeding out inflation is the large stock of public debt, which is growing even in countries once known for relative fiscal frugality. This suggests interest rates must be kept low indefinitely.
Although covid cases in Austria—and most other countries—are rapidly falling, Austria has doubled down on punishing the unvaccinated and become the first country to mandate vaccination for all adults.
The concept of diminishing marginal utility is the essential building block of economics. But there is a difference in the way this law is discussed by mainstream economics and the Austrian School.
